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Jeff has the option to purchase a couch for $700 in cash today or by making quarterly payments of $44.01 for the next 5 years

Jeff has the option to purchase a couch for $700 in cash today or by making quarterly payments of $44.01 for the next 5 years starting in one quarter. Use linear interpolation to determine the interest rate j4 that is being used?

Note: When determining the upper and lower bounds for the nominal rate j4%, round to integer percentages.

Answer: %

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